You Could Be Paying More Taxes on Your Rhode Island Vacation Home
Many of the world’s wealthy enjoy the luxury of having a vacation home, or perhaps several vacation homes. Some people have homes in a sunny paradise, while others choose mountain locations where they can get away for a great ski vacation. One popular spot in the U.S. for vacation homes is Rhode Island. However, for those who own vacation rentals in the state, the tax burden is going up.
According to the budget that was just passed in June, lawmakers have voted to expand the definition of hotel to also include private home rentals and bed and breakfasts in that category. The new tax increase is expected to add an additional $700,000 to the fiscal budget in 2016. Despite opposition from the Rhode Island Association of Realtors, the governor signed the budget proposal and the changes are now in affect. One of the arguments against the increase was that the tax would kick in right as the summer season begins. That could prove to be a problem for many vacationers who had not planned for the extra taxes in their vacation budget.
The president of the Rhode Island Association of Realtors, who had asked lawmakers to reject the proposal, claimed that many vacationers would instead choose different states for their vacation, thus costing the state more income. He also claimed that fewer people would be willing to purchase vacation homes in Rhode Island because of the extra tax. Time will tell if he is right, but regardless, if you have a vacation home in Rhode Island then you will now have to start paying more to rent it.
Looks Like More Wealthy Americans Are Saying Goodbye to the U.S.
The country just got done celebrating its independence this past weekend. With fireworks and all kinds of parties, Americans celebrated to show their appreciation for one of the greatest gifts they have: Freedom. Most Americans are very proud of their citizenship, even if they don’t always like everything the about the laws of the land.…
Why Are More Americans Kissing Their Country Goodbye?
Why Are More Americans Kissing Their Country Goodbye? As the controversy over tax inversions continues to rage on, there is another telling sign that more and more Americans are finding the country’ tax code too frustrating to handle. It’s not just U.S. companies that are giving up their U.S. citizenships, so-to-speak. An increasing number of…
European Union Going After Tax Deals in the Netherlands
European Union Going After Tax Deals in the Netherlands The list of international tax havens is long and each country has it’s own benefits. However, no matter which country people or businesses choose to partner with in an effort to save on their tax bill, that effort is getting harder every day. It seems that…
Make Charitable Donations Easy During Retirement
Can you make charitable donations easy during retirement? A lot of people, especially many ultra wealthy individuals and couples, enjoy sharing their fortunes with charitable causes. In fact, some of the biggest donors in the United States are also some of the country’s wealthiest individuals, including Bill and Melinda Gates (Microsoft), Warren Buffet (Berkshire Hathaway) and…